Arch Chemicals Enters Into Trade Accounts Receivable Securitisation Facility With PNC Bank

Arch Chemicals has entered into a trade accounts receivable securitisation facility with PNC Bank and its affiliate, Market Street Funding, which will provide up to $80m of funding to the company.

Reportedly, this facility replaces the company’s previous securitisation facility with SunTrust Bank and its affiliates. It follows the company’s recent completion of its seven-year, $75m private placement in September and its $100m term loan completed earlier in the year.

Steven Giuliano, senior vice president and CFO at Arch Chemicals, said: “We are pleased to have closed on this receivables securitisation facility. It is an attractive source of funding which fits well with the seasonal nature of our working capital needs, as well as our strategy of maintaining diversified sources of liquidity.”

Connecticut-based Arch Chemicals and its subsidiaries provide chemistry-based and related solutions to selectively destroy and control the growth of harmful microbes. The company’s concentration is in water treatment, hair and skin care products, treated wood, preservation and protection applications such as for paints and building products, and health and hygiene applications.